By Denish Ongora (denis.ongora@vol.co.ug)
Lira City.
Business owners and manufactures in Lira City have asked government to increase more funding to Uganda Development Bank(UDB) to facilitate faster recovery of businesses that were affected by corona virus pandemic.
The Director Chambers of commerce for Northern and Eastern region Bosco Ogwang Edola while speaking at a media briefing organized by UDB at Totco offices in Odokomit Lira city Friday said that business owners in Lira have been obtaining loans with very high interest rates asking UDB to come to their rescue.
The Managing director of UDB Patricia Ojangole in her response said government has injected 585 billion shillings to resurrect businesses that were affected by corona virus in the country.
She said UDB intends to create 67,000 jobs, and contribute 1.1 trillion shillings to the government in revenue through this funding.
Some of the businesses that have been funded by UDB in Lango are; Totco that deals in produce buying and value addition, Alito cooperative society in Kole, Acwecomio farmers’ cooperative Oyam, Hope Development initiative Amolatar and Angetta farmers’ cooperative Alebtong.
Executive director of Totco Ogwang George said he used the loan obtained from UDB for expansion of grain storage and cleaning facilities, with 10,000 metric tons capacity from 4,000 metric tons
Ogwang said their partner farmers have also increased from 10,000, to 15,000, in Lango and Acholi as they work to improve food security and alleviate poverty in the region.
Otuke County MP Paul Omara who is also a member of the parliamentary budget committee said they are working to ensure the government increases funding to UDB to support more businesses.
